Mortgage activity in February drove a sharp fall in the average shelf-life of a mortgage, which stood at just 14 days at the start of March. This marks a significant shift from the typical seasonal slowdown in January and reflects growing uncertainty in the market amid global pressures.
The last time shelf-life was this short was in early August 2023 at 13 days, following a record low of 12 days in July—the lowest since the metric began in 2011. For comparison, the average shelf-life was 15 days at the start of October 2022, during the upheaval caused by the ‘mini-Budget’.
Overall product choice dipped slightly month-on-month but remained above 7,000 options. Lenders may continue to withdraw products until the future direction of interest rates becomes clearer, although product availability typically rebounds after short-term market disruption.
According to the Moneyfacts UK Mortgage Trends Treasury Report, which captures first-of-month data, average mortgage rates have risen since the start of March, and overall product counts have reduced.
For remortgage customers, the incentive to switch has strengthened, as fixed rates remain well below the average revert-to rate or Standard Variable Rate (SVR). The average SVR fell to 7.13% month-on-month, down 0.55% year-on-year from 7.68%, having peaked at 8.19% in November and December 2023.
Rachel Springall, finance commentator at Moneyfacts, said: “Borrowers looking to refinance would be wise to act quickly to secure a new deal, as the significant push in mortgage activity during February has led to a significant fall in the average shelf-life of a mortgage to just 14 days. This is a complete contrast to the notable seasonal slowdown in activity during January. However, since this data was captured, there has been a notable shift in swap rates, amid the unrest seen in the Middle East. It is worth noting that the average shelf-life of a mortgage has not been this low (14 days) for over two years, last lower for August 2023, at 13 days. This was just one month after a record low of 12 days recorded for July 2023.
“The general optimism heading into 2026 for the market might have suffered a bit of a setback, as it is looking incredibly unlikely that the Monetary Policy Committee will favour a cut to the Bank of England Base Rate (BBR). The reason rests on the uncertainty surrounding tensions in the Middle East; this puts pressure on inflation, gilts and as a casualty, swap rates – the latter drives the cost of fixed rate mortgages. A hold to the BBR should not delay borrowers from refinancing, as they can still save a significant sum by moving off a Standard Variable Rate (SVR).
“Seeking advice will be an essential step for borrowers to secure a competitive deal, whether a first-time buyer or those who need to refinance. The outlook might look a bit bleak for borrowers right now, but as we have experienced before, a short-term spike in market volatility can heal and interest rates are still far lower than they were a couple of years ago. The overall choice in deals is also significantly higher, particularly those aimed at borrowers with small deposits.”
| Mortgage market analysis | ||||||
| Mar-24 | Mar-25 | Sep-25 | Feb-26 | Mar-26 | ||
| Fixed and variable rate products | Total product count – all LTVs | 6,004 | 6,684 | 7,062 | 7,537 | 7,484 |
| Product count – 95% LTV | 318 | 395 | 464 | 537 | 541 | |
| Product count – 90% LTV | 761 | 772 | 896 | 981 | 979 | |
| Product count – 60% LTV | 677 | 778 | 791 | 811 | 820 | |
| All products | Shelf-life (days) | 15 | 16 | 17 | 33 | 14 |
| All LTVs | Average two-year fixed rate | 5.76% | 5.39% | 4.96% | 4.85% | 4.84% |
| Average five-year fixed rate | 5.34% | 5.22% | 5.00% | 4.94% | 4.96% | |
| 95% LTV | Average two-year fixed rate | 5.99% | 5.83% | 5.42% | 5.42% | 5.45% |
| Average five-year fixed rate | 5.46% | 5.63% | 5.40% | 5.41% | 5.47% | |
| 90% LTV | Average two-year fixed rate | 5.99% | 5.69% | 5.27% | 5.10% | 5.08% |
| Average five-year fixed rate | 5.49% | 5.40% | 5.18% | 5.09% | 5.12% | |
| 60% LTV | Average two-year fixed rate | 5.23% | 4.86% | 4.48% | 4.21% | 4.23% |
| Average five-year fixed rate | 4.86% | 4.68% | 4.65% | 4.53% | 4.56% | |
| All LTVs | Standard Variable Rate (SVR) | 8.18% | 7.68% | 7.32% | 7.15% | 7.13% |
| All LTVs | Average two-year tracker rate | 6.15% | 5.18% | 4.66% | 4.41% | 4.43% |
| Data shown is as at the first available day of the month, unless stated otherwise. | ||||||
| Source: Moneyfacts Treasury Reports | ||||||
| Moneyfacts Average Mortgage Rate | |||||
| Mar-24 | Mar-25 | Sep-25 | Feb-26 | Mar-26 | |
| Moneyfacts Average
Mortgage Rate |
5.62% | 5.33% | 5.00% | 4.90% | 4.90% |
| Calculated from the total of all on-sale, core market, fixed and variable tracker mortgages. Standard exclusions apply: Self-build only, shared ownership only, new build only, shared equity only, standard variable rates and adverse credit | |||||
| Source: Moneyfacts Average Mortgage Rate. | |||||